Hickenlooper, Colleagues Lead Bill to Protect America’s Small Businesses, Consumers from Trump’s Latest Tariff-Taxes

Bill would exempt small businesses from paying the president’s latest round of tariff-taxes, protect Americans from price gouging
Adds to Hickenlooper’s effort to
secure
refunds for small businesses, workers
WASHINGTON –
Today, U.S. Senator John Hickenlooper, member of the Senate Small Business and Entrepreneurship Committee, and six of his Senate colleagues introduced the
Small Business Liberation 2.0 Act
to protect small business owners and working Americans from paying the president’s latest round of tariffs.
“The Supreme Court already struck down the president’s tariff-taxes, yet the president seems determined to find new ways to tax working Americans,”
said Hickenlooper.
“Working families and small businesses deserve relief, not higher bills.”
After the Supreme Court’s decision ruled President Trump’s tariffs illegal, he announced a sweeping 15% tariff on all imports entering the U.S. under a different justification, Section 122 of the U.S. Trade Act of 1974. Specifically, the senators’ bill would exempt small businesses from paying Section 122 tariffs, refund small businesses for any Section 122 tariffs paid, and protect Americans from price gouging because of the president’s new tariff policy.
“Small businesses didn’t ask to be collateral damage in global trade fights. When tariffs are imposed overnight, it’s Main Street, not multinational corporations, that gets squeezed first,”
said Richard Trent, Executive Director of Main Street Alliance.
“The Small Business Liberation 2.0 Act recognizes that reality by exempting small businesses from these duties, requiring refunds for those already paid, and cracking down on price gouging that often follows tariff shocks. This legislation is a common-sense step to protect small businesses, stabilize prices for consumers, and ensure that trade policy doesn’t come at the expense of the entrepreneurs who power our local economies.”
“Tariffs continue to be a major concern for America’s small businesses: Small Business Majority’s research found that half of small business owners have increased the price of certain materials or products, 29% have delayed importing materials or goods and 22% have delayed business expansion plans as a result of tariff policies,”
said John Arensmeyer, Founder and CEO of Small Business Majority.
“Among firms that don’t import directly, our research also found that nearly half (45%) of small businesses buy from U.S. suppliers who import from other countries. Small businesses that rely on supply chain access managed by larger importers are even more likely to pay higher prices as they lack the negotiating and market power that larger businesses do, leading to inflated prices at the benefit of the supplier.  The best way to give small businesses immediate relief from these ongoing tariff challenges is for Congress to pass legislation that would exempt small businesses from the new Section 122 tariffs while also directing federal agencies to take action to prevent larger suppliers that sell to small businesses from passing their tariff-related costs on to small firms.”
The Small Business Liberation 2.0 Act is also endorsed by National Small Business Association (NSBA), Small Business for America’s Future (SBAF), and Women Impacting Public Policy (WIPP).
Hickenlooper has always been an outspoken opponent of Trump’s reckless tariff regime. In February, he helped introduce the
Tariff Refund Act of 2026
to force the Trump administration to fully refund businesses who paid their illegal tariffs. Last year, he introduced the
Small Business RELIEF Act
to exempt small businesses from the admin’s sweeping tariffs and give them refunds for the tariffs they have already paid. He also supported the challenge against the Trump administration that was considered in this Supreme Court decision,
signing onto an amicus brief
for the case. In October, Hickenlooper also helped
pass
the Senate effort to end the emergency declaration the White House has used to try to justify their illegal tariffs that have increased prices on Americans.
Over the summer, Hickenlooper
chaired
a field hearing of the Senate Small Business and Entrepreneurship Committee in Denver to highlight the strain the outdoor recreation industry is facing under the Trump administration’s chaotic tariffs.
The Trump administration has
collected
an estimated $175 billion in illegal tariff revenue, raising taxes on products from nearly every country on earth and jacking up prices for working families. It is also
reported
that Coloradans paid over $760 million in tariffs before the Supreme Court ruling. The
Tariff Refund Act of 2026
will require the full refund of those funds to
all
importers, while prioritizing small businesses. This builds on Hickenlooper’s
Small Business RELIEF Act
which focuses only on small business refunds.
The Trump administration
previously recognized
that it must refund, with interest, any money unlawfully collected. However, it is unclear what timeline, process, or other guidelines the Trump administration would follow to provide refunds.
Full text of the bill available
HERE
.
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